VOL. XXXVII

NO. 24

14-MARCH-1994

Supply/Demand

Stock Changes, Demand Patterns Send OPEC Mixed Messages

Crude producers keeping a mindful eye on global stock levels, demand trends,and other leading market indicators in the run-up to OPEC's 25 March meetingreceived mixed signals last week with the release of the International EnergyAgency's (IEA) latest (end-February) monthly report. While preliminary estimatesfor OECD stock movements showed a total industry draw of only 0.7mn b/d inJanuary (Table...